MONARCH CAPITAL MANAGEMENT INC

Key Holdings

The portfolio is characterized by a "core and satellite" structure, where the top holdings are large-cap, blue-chip companies, but no single position dominates the risk profile. The top three positions—Microsoft (MSFT) at 5.73%, Apple (AAPL) at 4.19%, and Walmart (WMT) at 3.45%—are all new additions this quarter and represent a combined weight of approximately 13.4%. Despite the massive growth in portfolio size, the largest position remains under the 6% threshold, demonstrating a disciplined approach to position sizing.